As an entrepreneur, you’re familiar with taking on a number of tasks at once and relying on yourself to get them done. This will undoubtedly put much pressure on you, so is outsourcing some of the work a good alternative?
This is the fourth in a series of blog posts on how to grow your business, where we cover a new topic every week that can help you make the most out of your small business. This week, we will be focusing on the importance of a few individual tasks and whether outsourcing them can help your long-term growth.
When you first start a new business, it’s tempting to save money by doing everything yourself, from sales and marketing to website management and even deliveries. However, it’s a false economy to assume that DIY business practices always save you money. If you are spending time on tasks that you aren’t familiar with, then you are likely to reduce the time spent on doing what you’re actually good at. This type of trade-off won’t benefit you and your business. Some examples include you spending a few hours figuring out your VAT returns or writing a blog post that attracts little readership – don’t do it. Instead, focus on what you are good at like talking to your customers, designing a new product or launching a new service, gaining new leads, things that will help to increase sales.
The purpose of outsourcing is to free you up from supporting tasks and in turns making your days more productive in doing things that you excel at and increase your output. So think of outsourcing as a form of investment that is likely to yield a large return.
Small tasks that matter a lot
- Bookkeeping and Accounting
Bookkeeping and accounting are the obvious tasks to be outsourced as the work is mundane, the coverage is wide and the tasks are governed by ever-changing regulations that penalise even the minor blunders. Outsourcing to an expert small business accountant like Tax Agility means you have someone who can help you to minimise tax and maximise efficiency. From tax credits which you may not be aware of to various tax deadlines, getting professional accounting help from the outset can actually save you a lot of time and money in the long run.
- Social media marketing
When it comes to social media, many people feel confident enough with the format and they assume outsourcing won’t be necessary. To make your brand visible and turn followers into real-life customers on social media, however, requires more effort that one would expect. Also, social media is a popular platform for customers to leave comments and reviews so it can be surprisingly time-consuming to keep up with the traffic. Considering the effort, engaging a social media marketing or digital marketing company may make more sense.
- HR management
Even if you only employ a few people, you’ll find that HR management can be a tedious task. Recruitment, staffing, compensation and benefits are all important tasks and an HR manager can also provide guidance for dealing with grievances and disciplinary actions if needed. As your business grows you need to have the right processes in place for new staff to hit the ground running, so look for a local agency that specialises in HR for SMEs and see if they can create a package to suit your business model.
- Business development
Everyone you meet today is a potential customer or a potential referral source, the catch is to create the right opportunity and meet their needs at the right time. A good business developer should help you with strategic planning, researching and getting hot leads from channels which you don’t have the capacity to reach yourself.
Grow your business with Tax Agility
It’s understandable that you want to maintain control of your business and be present every day – after all, this is your investment. However, if you don’t hand over a few tasks once in a while, you risk smothering your progress.
At Tax Agility, we know how much outsourcing can help. As specialist small business accountants, we have watched our clients grow from strength to strength after handing over their accounting and bookkeeping needs to us. If you need a local London accountant, or you simply would like advice on how to grow your business, call our business growth specialists at 020 8108 0090 or use our Online Enquiry Form.